During the day, 304,970,417 shares worth N19.707 billion were traded in 8,083 transactions. Notable winners included Mecure, which went up 8.91% to N11, and Nascon, which increased 6.67% to N32. Cutix, Zenith Bank, Chams, UBA, and recently listed Aradel Holdings were some of the most actively traded stocks.
Analysts believe the market’s strength comes from investors being careful, focusing on stocks with strong financials and consistent profitability.
United Capital’s research team suggested that investors should be careful and concentrate on stocks with strong financials and upcoming company events. They said, “Fund managers and traders might want to increase their cash holdings to handle market fluctuations while still planning for medium to long-term investments.”
As the market prepares for the earnings season, investors are still hopeful about the future. The NGX’s good performance shows that the market can handle inflation worries and attract investors looking for growth.
Important market stats include:
- The NGX All-Share Index (ASI) increased to 98,207.81 points, up by 0.62%
- Market value rose to N59.509 trillion from N56.088 trillion
- 304,970,417 shares worth N19.707 billion were traded in 8,083 transactions
- Mecure and Nascon were the top gainers with increases of 8.91% and 6.67%, respectively
- Cutix, Zenith Bank, Chams, UBA, and Aradel Holdings were the most actively traded stocks.
